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Variable Annuity
Rider bbes
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Nirmala
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Modified about 2 years ago
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DTCC ID
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RIDER TYPE
GLWB
COMPANY
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INCEPTION
Feb 24, 2011
Details
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Identity
NAME
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INTERNAL CASE NAME
RIDER TYPE
*
GLWB
GMAB
GMIB
GMWB
PRODUCT POLICY TYPE
*
Fixed Annuity
Indexed Annuity
RILA
Variable Annuity
FORMULA
— None —
Benefit Base
BENEFIT BASE — GENERAL
On the Benefit Election Date, the Lifetime Income Value is the greater of the Contract Value as of the end of the last Business Day before the Benefit Election Date, or the highest Contract Value from any prior Quarterly Anniversary (the Quarterly Anniversary Value). On each Quarterly Anniversary, Quarterly Anniversary Value is compared to the Contract Value using the values determined at the end of the prior Business Day and increases Quarterly Anniversary Value to equal this Contract Value if it is greater, Quarterly Anniversary Value increases by the amount of any additional Purchase Payments received and reduces proportionately by the percentage of Contract Value withdrawn that day.
BENEFIT BASE — WITHDRAWAL
Issuer may change annual maximum Lifetime Plus Payment on each Benefit Anniversary before the older Covered Person reaches age 91. First, annual maximum payment will be adjusted from the prior Benefit Anniversary (or the Benefit Election Date if this is the first Benefit Anniversary), for any Excess Withdrawal taken during the prior Benefit Year. After that Issuer may increase adjusted annual maximum Lifetime Income Payment to equal the result of Contract Value determined at the end of the prior Business Day, multiplied by the greater of - 1) payment percentage established on the prior Benefit Anniversary (or the Benefit Election Date if this is the first Benefit Anniversary), or 2) current payment percentage that is in effect on the Benefit Anniversary. If payment is increased, Issuer will also change Lifetime Income Value to equal your Contract Value determined at the end of the prior Business Day. This may increase or decrease your Lifetime Income Value, which may also change the daily rider charge amount.
Applicability
Contract Value
Fixed Account Value
Variable Account Value
Indexed Account Value
Accumulation Value
Purchase Payments
Earnings
Rollup Case Applicable
EEB Case Applicable
Floor Case Applicable
Reset Applicable
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